The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230.
The Low and Middle Income Tax Offset (LMITO) helps low and middle income earners lower the amount of tax they need to pay. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
Learn the Australian income tax rates for 2019/2020 and previous years, as well as details on how income tax is calculated, deductions, offsets and levies.
The Low Income Tax Offset (LITO) means working Australians can earn up to $20,452 before they need to pay any income tax. It was introduced by the Government in 1993. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
The Personal Income Tax Plan which provides targeted tax relief over seven years for low and middle income earners and protects middle income Australians from bracket creep consists of three steps.
This article summarises the Coalition’s main election announcements related to superannuation, tax, investing and matters that may affecting your retirement planning.
On 2 April 2019, Josh Frydenberg announced his first Federal Budget as Treasurer. There were only a handful of policies that directly relate to superannuation, but also tax cuts and a one-off energy payment for older Australians.